House Democrats on Wednesday introduced legislation that would expand the role of the U.S. Securities and Exchange Commission to conduct oversight examinations of investment advisors, a segment of the financial services sector that lawmakers on both sides of the aisle have agreed is under regulated.

The Investment Adviser Examination Improvement Act, sponsored by Rep. Maxine Waters (D-Calif.), would authorize the SEC to assess user fees on investment advisors to fund an expansion of its advisor examinations.

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